Final answer:
The type of closing where parties meet in person at a specified location to finalize a real estate transaction is called a face-to-face closing. An escrow closing refers to the involvement of a third party in holding funds and transferring property, and can also handle insurance and tax payments.
Step-by-step explanation:
The type of closing described in the student's question, where parties can meet at the office of the title company, buyer's lender, attorney for one of the parties, broker's office, or county clerk, is known as a face-to-face closing.
This is a traditional method of finalizing a real estate transaction where all parties come together to sign the necessary paperwork and exchange documents in person.
In contrast, an escrow closing involves a third-party, known as an escrow agent, who holds onto the funds and facilitates the transfer of property.
The escrow process can also make life simpler for the homeowner by managing the payment of property taxes and home insurance as part of the normal monthly payment.